Adani Group firms fall; Adani Enterprises tumbles 10 percent with all the listed firms ending in the negative territory.
The Adani Group firm’s fall is in line with an overall weak trend in the equity market.
The ten listed companies suffered a combined erosion of Rs 51,294.04 crore in their market valuation on WednesdayShares of Adani Group firms fell sharply on Wednesday, with all the listed firms ending in the negative territory, in line with an overall weak trend in the equity market.
Adani Enterprises stock tumbled 10.43 percent to settle at Rs 1,404.85 on the BSE. During the day, it tanked 11.94 percent to Rs 1,381.05.
Shares of Adani Ports declined 6.25 percent, Adani Power slumped 5 percent, Adani Transmission (5 percent), Adani Total Gas (5 percent), Adani Green Energy (4.99 percent), Adani Wilmar (4.99 percent) and Ambuja Cements (4.92 percent).
NDTV dropped 4.13 percent and ACC fell 3.97 percent.
Many of the group firms also hit their lower circuit limits in the morning trade.
In the broader market, BSE Sensex fell 927.74 points or 1.53 percent to settle at 59,744.98 points.
Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
All the ten listed firms have together lost Rs 11,62,030.29 crore in market valuation since the US short-seller came out with its report on January 24.
“Adani Group’s market capitalization is now down 70 percent from its peak, from around Rs 25 lakh crore to 7.55 lakh crore,” Rohan Shah, Head Technical Analyst at equity broking firm Stoxbox, said.
Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire industrialist who is the chairman and founder of Adani Group, a multinational conglomerate involved in port development and operations in India.
In January 2023, following accusations of stock manipulation and fraud, his personal fortune crashed by over 60% to an estimated US$46.1 billion, as of 21st February 2023, giving him 27th place on the Forbes and the Bloomberg Billionaires Index.